Nov 13, 2007
Investment guru may sell US$ assets
HONG KONG - HIGH-PROFILE investor Jim Rogers said he may sell US dollar-denominated assets as early as in the coming weeks in favour of agricultural commodities.
'I'm hoping to move all of my assets out of US dollars in the next few weeks or months,' Mr Rogers, who correctly predicted the 1999 commodities rally, told reporters in Hong Kong through a video link yesterday from Singapore.
Demand not matched by increases in supply makes commodities 'one of the best places to be if you want to get out of the US dollars', he said. He added that he particularly favours agricultural commodities such as sugar, which are trading below their historical highs.
Mr Rogers, who co-founded the Quantum Hedge Fund with billionaire George Soros in the 1970s, is now chairman of Beeland Interests.
He said Hong Kong would be able to improve the efficiency and profitability of trade with mainland China should it abolish its local currency and adopt the yuan once the latter becomes fully convertible.
'You have a gigantic neighbour which is becoming the most incredible economy in the world,' Mr Rogers said. 'It'd be like having a special currency for Mississippi when the rest of the United States uses the US dollar.'
He said he would not be surprised if the yuan becomes fully convertible by the time Beijing hosts the Olympics next year or the 2010 Shanghai World Expo.
BLOOMBERG NEWS
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